viaticus
Noun: 1. A person or entity that purchases life insurance policies from terminally ill individuals for a lump-sum cash payment, typically less than the policy's death benefit: This term refers to the buyer in a viatical settlement transaction. The viaticus provides immediate funds to the insured person (the viator) in exchange for becoming the new beneficiary of the life insurance policy, assuming responsibility for future premium payments, and collecting the death benefit upon the insured's passing.
- Noun:
- The viaticus offered the patient a significant cash advance in exchange for his life insurance policy.
- Acting as the viaticus, the settlement company assumed all future premium payments on the acquired policies.
- Regulations are in place to protect viators from unfair practices by a viaticus.
- The term is directly derived from Latin, where "viaticus" means "of or pertaining to a journey or road," related to provisions for a journey. In the modern financial context, it metaphorically references providing for one's final journey.
- The plural form is viatici or, more commonly in English, viaticuses.
- Viator (n): The terminally or chronically ill person who sells their life insurance policy to a viaticus.
- Viatical Settlement (n): The financial transaction itself, in which a viaticus purchases a policy from a viator.
- Viatical (adj): Pertaining to such settlements or provisions (e.g., viatical industry, viatical funds).
- Life Settlement Provider
- Viatical Settlement Company/Firm
- Policy Purchaser (in this specific context)
This is a highly specialized financial and legal term. Its usage is almost exclusively confined to the industry of life insurance settlements. It is not used in general conversation. The role of the viaticus is central to the viatical settlement process, which provides liquidity to individuals facing high medical costs.
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purchasing insurance policies for cash from terminally ill policy holders
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